US stocks drift toward a weekly loss; DuPont sinks

NEW YORK (AP)  The stock market drifted lower in light trading Friday, putting major indexes on track for their second weekly loss this month. Reports of sluggish economic growth have weighed on the market this week.

KEEPING SCORE: The Dow Jones industrial average fell 29 points, or 0.2 percent, to 16,817 as of 12:29 p.m. EST. The Standard & Poor's 500 index fell two points, less than 0.1 percent, to 1,955, while the Nasdaq composite rose eight points, or 0.1 percent, to 4,387.

LOOK BACK: After dropping three days this week, the S&P 500, the most widely used benchmark for stock funds, is on course for a weekly loss of 0.5 percent. Many investors have been waiting for the market to take a pause from its long climb. The S&P 500 has gained 5.8 percent in three months and reached its latest all-time high on June 20, one week ago.

WHAT, NO WORRIES? "The fact is, it's the summer, and there isn't much happening," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

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Turmoil in the Middle East, however, could easily rattle U.S. markets, especially if the fighting in Iraq drives oil prices up too high. Rising tensions between Ukraine and Russia remain a concern.

FORECAST CUT: DuPont dropped $2.62, or 4 percent, to $65.11, the biggest decline among the 30 big companies in the Dow. The company cut its profit forecast because of weaker sales of corn seeds.

THE BUSINESS OF SPORT: Nike gained $1.45, or 2 percent, to $78.31 after reporting earnings late Thursday that beat Wall Street's expectations. Stronger worldwide sales offset marketing costs for the World Cup soccer tournament. Nike provided the outfits for 10 national teams, including Team USA, for the World Cup in Brazil.

HOW CONFIDENT: The Thomson Reuters/University of Michigan reading of consumer confidence edged up to 82.5 in June, a slight increase over the previous month and better than economists had predicted.